RSM100Y1 Chapter Notes - Chapter 6: Strategic Management, Goal Setting, Decision-Making
Document Summary
Management is the process of planning, organizing, leading, and controlling an enterprise"s financial, physical, human, and information resources to achieve the organization"s goals of supplying various products and services. Efficiency means achieving the greatest level of output with a given amount of input. Effectiveness means achieving the organizational goals that have been set. Planning is the process of determining the firm"s goals and developing a strategy for achieving them. Prediction markets are creating a market where people can buy shares in various answers to important questions that need to be answered. Strategic plans, which are set by top management; reflect decisions about resource allocations, company priorities, and the steps needed to meet strategic goals. Tactical plans are shorter-range plans concerned with implementing specific aspects of the company"s strategic plans. Operational plans, which are developed by middle and lower-level managers that set short-term targets for daily, weekly, or monthly performance.
